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    140 Acres in Rootstown Township Title is generated by Realmo AI

    3021 Hartville Road, Rootstown, OH 44272

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    For Sale
    $1,400,000

    140 acres in Rootstown Township with farmland and woods.

    Type:Farm / Land
    Lot size:
    140.00 Acres
    Added:
    Aug 8, 2024
    Days on Market:
    664
    Last Refresh:
    May 19 at 11:19 pm

    Property Features for 3021 Hartville Road

    General Information

    Standard status
    Active
    Lot size
    140.00 Acres
    Property subtype
    Farm / Land

    We can help!

    Listing Contact
    Susan E White

    Listing agent Susan E White License #443102

    Listing office Howard Hanna

    Listing date Aug 8, 2024

    Source Compass

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna

    HighLights

    • 140 acres of land featuring approximately 50 acres of farmland, complemented by wooded areas.
    • Potential for subdivision into multiple parcels, perfect for family or friends (subject to Rootstown Zoning).
    • Suitable for building a homestead or family compound.
    • Located in Rootstown Township at 3021 Hartville Road.
    • Multiple frontage options on Hartville Road and Old Forge Road.
    • Convenient access to public transportation.

    Overview

    Located at 3021 Hartville Road in Rootstown Township, this 140-acre property offers approximately 50 acres of farmland and wooded areas. The land extends to Old Forge Road, presenting possibilities for multiple owners to split the property, subject to Rootstown Zoning regulations. Potential uses include building a homestead or a family compound. The property is planned to be divided into several parcels: 214ft frontage-27 acres, 1019ft frontage-24 acres, 418ft frontage-26 acres, 30ft frontage-40 acres, 100ft frontage-5 acres.
    Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Suggested Use

    Auto Repair Shop Pharmacy Department Store Bar & Pub Garden Center Discount Store Cosmetic Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rootstown
    County
    Portage
    State
    Ohio
    Longitude
    -81.248832
    Latitude
    41.072417

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - 140 acres in Rootstown Township with farmland and woods.
    Where is this agricultural land / farmland located?
    The property is located at 3021 Hartville Road Rootstown, OH.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: 140 acres of land featuring approximately 50 acres of farmland, complemented by wooded areas.; Potential for subdivision into multiple parcels, perfect for family or friends (subject to Rootstown Zoning).; Suitable for building a homestead or family compound.
    (330) 388-3543
    We can help!
    Listing Contact
    Susan E White
    Real Estate License ID: 443102
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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